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It's just a matter of minutes before retailers start decking the halls for Christmas. While some of us are still reeling from the summer heat, others are already racing off to prepare for holiday festivities. In fact, 22 percent of consumers start their holiday shopping in October. Credit counselors are often asked whether those shopping early are good planners or just looking for an excuse to spend. The answer: it depends.

Shopping early can be convenient. You’re less likely to run into crowds and you can spread your holiday budget out over several months. However, if you don’t have a spending plan, early shopping can lead to debt. After all, the more time you have to shop, the more time you have to spend. The key is to have a plan.

Know what you can afford. With 12 weeks until Christmas, there is plenty of time to plan. Set money aside each week so that you have money available to pay those larger bills. Or, ‘pay as you go’ to avoid relying on credit.

Know what it all costs. When preparing your holiday spending plan, realize that the holidays involve many more expenses than just gifts. In fact, studies show that consumers budget more than $500 for non-gift expenses such as travel, entertaining and decorations. Don’t forget the incidentals such as gift wrap, shipping, greeting cards, postage, charitable donations and babysitting.

Finally, when you finish shopping—stop! Sometimes it’s hard to resist the “one extra little gift,” however, even small items can add up to be budget-breakers. Remember, there’s more to the holiday season than shopping.

Comment(s)

krista says: October 07, 2010Website: money management

there is more to this holiday season than shopping. remember the true reason for the season. there are many ways to use one's holiday spirit to spread love and joy to others. i do give gifts-small, personal gifts to immediate family and i make it a point not to get into debt-spending more than my budget allows. christmas is about more than that. tis the season to be jolly not to be in debt.

salman says: October 03, 2010Website: http://www.ringfinance.com

This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.